USD/KRW may rise 710 - 1020 pips

1373.10 is our pivot point.

Our preference

The upside prevails as long as 1373.10 is support.

Alternative scenario

The downside breakout of 1373.10 would call for 1368 and 1364.90.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1371.50 and 1370.40).

Supports and resistances

1393.50 **

1390.50 *

1387.40 **

1384.30

1377.20 last

1375.20

1373.10 **

1368.00 *

1364.90 **

Number of asterisks represents the strength of support and resistance levels.